Diageo plc reported consolidated earnings results for the six months ended December 31, 2016. For the period, the company reported net sales of £6,421 million compared to £5,606 million a year ago. Operating profit was £2,065 million compared to £1,613 million a year ago. Profit before taxation was £2,074 million compared to £1,784 million a year ago. Profit from continuing operations was £1,638 million compared to £1,488 million a year ago. Profit attributable to parent company's shareholders was £1,569 million or 60.3 pence per diluted share compared to £1,406 million or 56.1 pence per diluted share a year ago. Net cash from operating activities was £1,267 million compared to £1,037 million a year ago. Purchase of property, plant and equipment and computer software was £197 million compared to £204 million a year ago. Free cash flow was £1,084 million compared to £839 million a year ago.

The company expects that the tax rate before exceptional items for the year ending 30 June 2017 will be approximately 21%.